Oro Negro reduces rig dayrates for Pemex

Oro Negro, a Mexican drilling contractor, has agreed to lower day rates for its rigs hired by Mexico’s state-controlled oil company Pemex.

According to the driller, the terms have been amended for Oro Negro’s Primus, Laurus, Fortius, and Decus drilling rigs.

Under the new agreement, the dayrate for each will be cut from $160.000 to $130.000, for the period June 1, 2015 through May 31, 2016.

Oro Negro further said that the dayrates should return to $160.000 after June 1, 2016. Furthermore, Pemex has agreed to extend the rig contracts by one year each.

The driller also added that it started talk with Pemex over a possible charter lease for the Impetus drilling rig. The company expects to finalize the discussion by December 31, 2015.

“Oro Negro believes these agreements will help strengthen Oro Negro’s relationship with Pemex for the duration of the leases, reduce uncertainties, and position Oro Negro to maintain its positive momentum and to focus on its core operations, despite the macroeconomic challenges facing the oil and gas industry,” the Mexican drilling contractor said in a statement.